Getting referrals from accountants

What's the recipe for success in the quest to get consistent, quality referrals from an accountant?

This challenge arises for even advice businesses that own or are owned by accountancy businesses. Even in these environments the manner in which the client experience is delivered for each businesses means that to align is like forcing two magnets of similar polarity together : they push apart often with repulsive force.

The classic solution : has often been the lunch time education/information session, where we talk to the accountants about TPD and expect them to spread this amazing news to clients. Of course I make light of the value and depth that many education sessions hold, but the expectation we have of the impact and the results of these sessions are often unrealistic. That is not to say they don't work, they can do over time, but often despite their regularity and range of topics the conversations we expect or hope the accountants to have just don't follow.

Also problematic is if the accountant does commence a conversation with a client and the conversation goes for more than 6 minutes ....do they charge them? And what if it goes for 20 minutes? What if they are asked a question they can't answer?

After years of observing, experimenting and some just plain dumb luck these are the techniques we've seen work and why:

1) Lunch works : it's about the one time in the day the 6 minute clock is not ticking and the accountants down tools. Rather than an education session, how about just having lunch with them, in the lunch room over a sandwich and not talking about anything to do with financial planning. It's a lot easier to get a referral from someone who likes you.

2) Training can help and is a must : but needs to be tailored so that life risks are not the forefront but rather risk to the accountancy base is. Highlighting that business expenses cover can protect the accountants fees (they are a valid business expense) is one way of the accountant feeling the need for a valid discussion with a client.

3) Getting exemption from the 6 minutes hence the conversation is "authorised" and the client and accountant are not held to the 6 minute charging regime.

4) Creating a process. A questionnaire that acts as a rating scale ie: scores points for having certain structures and strategies in place: provides a great rationale for a referral to an adviser. As the accountant works on the clients tax issues, the client is given the opportunity to fill in a short one page tick a box questionnaire. Each box attributes a score. The lower the score the more urgent the need to see an adviser. Areas covered include SMSF, Estate Planning, Insurances, Buy Sells. The only thing the accountant has to do is add up the score and say based on the score there are some issues that needs clarification : hence the referral to the planner.

5) Taking a portfolio approach with the client base. Looking at the best accountancy clients it is determined whether or not financial planning revenue is being received (works best with in house financial planning and accountancy services). If not it is an automatic referral where the accountant calls the client and explains that as one of their best clients they have not yet taken advantage (as all their other best clients do) of all the services and it's a concern as when assessing their clients financial health (as per the questionnaire in 4) they have found gaps in their clients affairs.

Becoming Highly Referable : By Being You

PCE spent time today with a brilliant individual who had lost confidence in their customer approach as it had been questioned by an influential adviser in financial services who has succeeded using a very different style.

So we had in front of us someone who is:

- genuinely passionate about people
- connects with people about their values
- shares her dreams with clients and they reciprocate
- matches strategy solutions with delivering client wants
- lives breathes and sleeps her chosen profession : insurance advice
- professional and polished


So why on earth was she questioning herself now? Well, she's new in town and perhaps that approach does not work in the market she's found herself in.

In PCEs opinion nothing could be further from the truth.

Here before us was a perfect example of a new age adviser : an adviser that clients are desperately seeking.

This adviser has all the hallmarks of being highly referable simply by being who she is.

So here in a nutshell is what you need to do to create the differentiator that leads to genuine client engagement and referrals and genuine enjoyment of what you do. Follow your bliss!

1) be highly referable : that is you need to have a visual value document that illustrates what it is that you do and what your input into the process is for clients. In other words a value of advice document. For more details contact PCE direct www.positiveclientengagement.com. You also need to have a pitch about why you do what you do, who you do it for, what outcomes they have by working with you.

2) be able to demonstrate your process / method for what it is that you do : flow charts are brilliant here

3) engage your clients : lifestyle questions, ratings, profiling, wealth management indexes and scores all help

4) survey your clients and ask for feedback : how well do you know them and how well do they know you

5) educate your referral sources and educate yourself about them : and don't pay them for referrals : rather you through your exemplary service will make them look good purely due to the fact that they cared enough about their clients to refer them to you : and you can turn away referral sources who won't work with you in this way

6) be able to be reviewed : that is have a web presence and on that site show case you, your team, educate, inform, engage, share - but most of all be real

7) communicate communicate communicate : reassure your clients after they engage you, after you present your advice, after they sign up

Templates, examples are all things that great genuine people in this industry share.

PCE has bucket loads and are happy to engage you with these tools ( and a little tip ....most of them can be found in the 100 posts we've written.....so as much as we'd love to package them and sell them to you....with a bit of work from your end ....most of it is here already)

Enjoy!!!

6 Steps to Running a Networking Event

So in our last post we looked at how you can get refferals of the ideal client from an ideal referral source.

The idea at it's core was a meet and greet to determine which businesses have a similar raison d'etre to yours: that is a great client experience and true value and partnership and collaboration with clients. (stop reading now if you don't want that as an outcome!).

So who do you invite and how do you structure it?

Here are 6 steps that work!



1) Who to invite:

- existing referral contacts

- ask them to bring a peer

- ask them to bring key staff

Next layer of invitation:

- your local business networking group contacts : ask them to refer to the event their accountant / solicitor/ mortgage / general insurance broker

Next layer of invitation:

- any business contact who could add value in engaging on the night ie: they have a service that the attendees could utilise

Next layer of invitation:

- local businesses that you think could refer to you : check out websites to see if they offer in house services like yours

- then call them and see if they do lets say you make a discrete inquiry as if you were a potential client

Next layer of invitation:

- existing clients : who are their accountants etc? : ring your best 10 client and ask


2) Speaker: who are you going to get that will be free!!??

- local politician

- travel / lifestyle sourced from local business

Remember you are positioning yourself as a facilitator so getting a local memberof parliment is a great coup.

3) Invitation

- as per our previous post ......the key aim is "meet local businesses who face similar issues/challenges"......and secondary "our special guest(s)......."

4) Format

- no business pitch
- know who is coming
- strategically introduce people on the night
- let the evening flow

5) Location

- room / side room / adjoining area of bar/ local hotel - somewhere with atmosphere and sight and sound that does not drown you out but layers the senses


6) Follow up

- we can discuss that later in our next post

More Referrals From People You Like

One of the key ideas that will drive referral and revenue success for you in 2013 is:

- holding a centre of influence engagement session

In other words break bread with all of your referral sources.

Regardless of how successful the referral relationship has been over the history of the relationship you need to invite them.

Who do you invite:

- anyone who has the possibility of being able to refer to you clients who fit you ideal client profile in 2013

The format:

- this is a social engagement : think of it like the TV show "The Bachelor" or "The Bachelorette"

- here they all are in one place, all the referral sources you and your business have ever previous dealt with

- even better there are some new names and faces : people drawn from your client base : ie ask your clients who their accountant / solicitor is and invite them

Are you selling anything? No.

This is an event for like minded financial services professionals to get together over a drink and a few canapés for the reason of engagement, connection, collaboration, networking.

The pitch: "With the issues facing us this year FOFA, APES......we all face a busy year ahead....Stepping out from our own businesses to listen to how others are approaching their year in a social and relaxed setting provides a great opportunity to find that new idea or reinforce your thinking......"

Now, you might think "oh they won't go for that". But here's this thing. Wouldn't you like to work with referral sources who would unreservedly respond "Yes, I'll be there" to an opportunity to share a drink amongst peers?

So invite anyone who can refer in the perfect clients for you.

On the night you will not pitch who your ideal clients are, what you do, or anything about your business.

On the night you are the host so play the perfect host:

- introduce people (no name tags please)
- do your research and introduce people to others who may actually add value to their business eg the auditor to the SMSF accountant
- work the room
- but generally just ensure people are connecting

- you can formalise this by offering a set piece ie: OK people the next 15 minutes : talk to someone you don't know and find out about them : women leave men for dead here....women are more genuinely curious in situations like these.
- consider a speaker : travel, positive psychology, small business success story, sporting identity ......this may also be a draw card for your event.

The aim:


- watch people in the room
- who are the genuinely nice people?
- who is having a good time?
- who interacts well and seems to thrive in the situation?
- who did you get on well with?
- who would you have no hesitation in inviting them back?

And answering those questions will mean you have just found the referrals sources that you should be working with this year.....and most likely the ones that you will have most success at adding value to as well.

Successfully Engaging Centres of Influence - Slide Set

For the full presentation, Australian based personal risk insurance advisers can contact PCE. But here's a snippet for everyone.

Is strategy advice the key to successful centre of influence engagement?

So select your COI targets carefully.

And match them to your ideal clients.

As an example maybe your ideal clients are like these?

Build and be ready to articulate your capabilities and pitch.

Tailor your pitch to something that suits your style.

Then deliver to your chosen COI.

Finally use PCE tools such as the Wealth Management Index and Client Lifestyle Questionnaire to give the relationship with your COI ongoing life.

Selling with assurance - letting your clients know they've made the right decision

We've spoken previously about generating referrals from yoru ideal clients and giving your newly engaged clients great comfort that they have made the right buying decision.

A client engagement letter is an ideal technique to increase your sales conversions and enhance the referrals you get from client advocates.

Here's a quick example that you can use as a base.

Enjoy the sales uplift!

1 January 2012
Mr X and Mrs Y Client
1 Smith Street
Smithsville VIC 3000

Dear X and Y,

Congratulations, you’ve made the right choice

Thank you X and Y for entrusting ABC Financial Services, with the development of your financial planning / insurance solution that serves to enhance/protect your lifestyle and the people and dreams that are important to you.

We are responsible for the service you receive

I as the principal adviser of ABC Financial Services am solely responsible for the service you receive during this process from my team. This means that any matter you need clarified or wish to ask questions about can be directed to me personally.

We are here for you

Accordingly please find enclosed our corporate brochure/my business cards/ our contact sheet for our office/ a handy fridge magnet so you have at your disposal the appropriate contact details for the office.

We value your feedback

As our business is a referral only business/ is built on referrals our existing clients are our biggest advocates. The constant source of referrals from our clients means we can spend less time on activities to find new clients and more time developing and servicing the solutions for the clients that find and stay with us.

Any feedback during and after the development of your solution will be greatly appreciated so that we can strive to have you as another client advocate and have a positive influence on not only your situation but for the people you value in your social and family circle.

Next Steps

Attached is our service schedule tailored to your situation that documents the process involved, time line for delivery and our service package/fees/charges/costs solution that you have chosen.

Please take the time to ensure that this reflects your understanding of our discussions and complete the section that requires your signature, and return in the envelope/by email and our work with you will commence.

Yours Sincerely


ABC Financial Planning